Two high-rise Downtown office buildings – including one that houses the Cincinnati Enquirer – have new owners.

A joint venture of Rubenstein Partners LP, SCP Elm Plum LLC and Parkway Corp. bought the buildings at 312 Elm St. and 312 Plum St. for an undisclosed sum, the companies said Tuesday. The owners plan to renovate the buildings, including the lobbies, streetscapes and other common area spaces.

Nashville, Tennessee-based Smith/Hallemann Partners and Birmingham, Alabama-based Harbert Management Corp. put the properties up for sale last year. The companies obtained the buildings with a combined 610,000 square feet in 2011 from Duke Realty Corp. as part of a $97 million portfolio purchase.

Among major tenants in the buildings are KAO USA and several federal government agencies. The nearly 379,000-square-foot, 26-floor 312 Elm building is about 85 percent leased and the nearly 230,000-square-foot, 15-floor 312 Plum building is about 82 percent leased, according to marketing documents from DTZ. The Cincinnati office of DTZ acted as broker in the transaction.

The market value of 312 Elm and nearby land is nearly $46.5 million, according to the Hamilton County auditor's office. The market value of 312 Plum is more than $20.7 million.

Duke Realty developed 312 Elm in 1988 and 312 Plum in 1992.

"These properties represent everything we typically look for in an investment and align perfectly with our overall acquisition strategy," said Brandon Huffman, Midwest regional director for Rubenstein Partners. "Downtown Cincinnati is in the midst of a significant revitalization spurred by several large corporate relocations and an accelerating residential boom, particularly in the immediate vicinity of 312 Elm Street and 312 Plum Street.

"The buildings are competitively advantaged in terms of their central location and extensive parking and are well-positioned to capitalize on the market's continued momentum."

Tom Smith, chairman of Smith/Hallemann Partners, said the sale completes its strategy for the investment after improving leasing performance and property management.

Since 2005, Philadelphia, Pennsylvania-based Rubenstein Partners has invested in more than 10 million square feet of office real estate in the eastern United States.